---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Friday, May 3, 2013, Vol. 14, No. 87


                            Headlines



A R G E N T I N A

ELECTRICIDAD ARGENTINA: S&P Affirms 'CCC-' Rating; Outlook Neg.


B E L I Z E

* BELIZE: Bond Rating to Hover at the 'Caa' Range Says Moody's


B R A Z I L

CAMPOSOL SA: S&P Revises Outlook to Neg. & Affirms 'B' Ratings
* BRAZIL: Para to Get Over $200MM to Fund Educ. System Improvement


C A Y M A N  I S L A N D S

6S SMALL CAP: Shareholders to Hear Wind-Up Report on May 8
ALL SEASONS: Shareholders to Receive Wind-Up Report on May 8
ASCEND CL FUND: Shareholders to Hear Wind-Up Report on May 8
ASCEND CL MASTER: Shareholders to Hear Wind-Up Report on May 8
BALU HOLDINGS: Shareholders to Hear Wind-Up Report on May 10

EURO-ASIAN INVESTMENTS: Commences Liquidation Proceedings
FOXHILL OPPORTUNITY: Shareholders to Hear Wind-Up Report on May 8
GAVEA BRAZILIAN: Shareholders to Hear Wind-Up Report on May 10
MARATHON OIL: Sole Member to Hear Wind-Up Report on May 9
NATFLEET INVESTMENTS: Shareholders to Hear Wind-Up Report on May 9

RADCLIFFE USD: Shareholders Receive Wind-Up Report
SEAGATE TECHNOLOGY: Fitch Raises Issuer Default Rating From 'BB+'
SHU HOLDINGS: Shareholders to Hear Wind-Up Report on May 10
TARCHON A10: Creditors' Proofs of Debt Due May 8
TARCHON ASIA: Creditors' Proofs of Debt Due May 8

TARCHON FUND: Creditors' Proofs of Debt Due May 8
THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24
TRAXIS EMERGING: Shareholders to Hear Wind-Up Report on May 8
TRAXIS GLOBAL: Shareholders to Hear Wind-Up Report on May 8
UNITY CAPITAL: Shareholders to Hear Wind-Up Report on May 10

VIETNAM INVESTMENT: Shareholders Receive Wind-Up Report


J A M A I C A

RBC ROYAL BANK JAMAICA: Closes Four Branches
* JAMAICA: Receives $932.3 Million IMF Loan After Local Debt Swap


M E X I C O

* Moody's Notes Stable Liquidity for Mexican Non-Fin'l. Companies


P A N A M A

NEWLAND INT'L: Trump Ocean Club Files Bankruptcy Plan in U.S.


P U E R T O   R I C O

LAUSELL INC: Can Access Banks' Cash Collateral Until May 31


                            - - - - -

=================
A R G E N T I N A
=================


ELECTRICIDAD ARGENTINA: S&P Affirms 'CCC-' Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'CCC-' global
scale ratings on Electricidad Argentina S.A. (EASA).  The outlook
is negative.

The ratings on EASA reflect S&P's expectation that the company's
individual financial performance will continue to deteriorate in
2013 mainly due to the discontinuance of some technical assistance
agreements, including those with Empresa Distribuidora Electrica
Regional S.A. (EMDERSA) and Empresa Distribuidora de Energia Norte
S.A. (EDEN), which will represent a 50% decrease in EASA's revenue
levels.  In addition, S&P believes that Pampa Energia (not rated)
is less likely to provide financial support to the company as a
result of the persistent deterioration of its subsidiary, Empresa
Distribuidora Y Comercializadora Norte S.A.'s, (EDENOR;
CCC-/Negative/--) operating and financial performance, which S&P
expects will continue to do so in the second half of 2013.  S&P's
base-case scenario does not incorporate Pampa Energia's financial
support to fund temporary cash shortfalls.

EASA is a pure holding company, formed at the time EDENOR was
awarded with a concession, with the sole purpose of holding the
company's shares and provide management services.  Therefore, its
main asset is the 51% controlling stake in Argentine power
distribution company, EDENOR.  The Argentine integrated power
company, Pampa Energia, owns 99.99% of EASA.


===========
B E L I Z E
===========

* BELIZE: Bond Rating to Hover at the 'Caa' Range Says Moody's
--------------------------------------------------------------
Belize's Caa2 government bond rating will likely remain in the Caa
range for the next two to four years, given persistently high debt
ratios and two defaults in the past seven years, says Moody's
Investors Service in its latest report on Belize. Two default
events reveal the country's low debt tolerance and signal
diminished institutional willingness and ability to service
external debt, according the report "Credit Analysis: Belize,
Government of."

Moody's says government debt on the order of 70% of GDP, coupled
with limited fiscal and foreign exchange buffers, impairs Belize's
credit outlook and leaves the country vulnerable to adverse shocks
that can materially impact government creditworthiness.

Debt servicing capacity is likely to decline as Belize exhausts
its limited oil reserves. At the current rate of extraction, oil
exports are set to decline to around 1% to 2% of GDP by the middle
of the decade, from a high of 11% of GDP in 2011, impairing both
fiscal revenues and foreign exchange earnings, says Moody's.

Compensation claims arising from the nationalization of two
utilities during 2009 - 2011 - Belize Telemedia Limited (BTL) and
Belize Electricity Limited (BEL) -- could pose significant credit
risks. Currently in litigation, the materialization of sizeable
BEL/BTL liabilities would significantly increase the likelihood of
another external debt restructuring, says Moody's. Contingent
liabilities could also stem from a weak banking sector, as poor
credit quality and under-provisioning for impaired loans has led
to a marked deterioration in capital adequacy ratios and
profitability indicators.

In April, Moody's upgraded the government bond rating to Caa2 from
Ca after Belize restructured its sole foreign currency bond, the
$547 million "Superbond" due in 2029. The distressed debt exchange
represented Belize's second debt restructuring since 2006.

The upgrade balanced an improvement in the government's liquidity
position following a pre-emptive restructuring of its external
commercial debt, against a debt overhang that was not cured by the
default and continues to impair Belize's solvency, says the rating
agency.


===========
B R A Z I L
===========

CAMPOSOL SA: S&P Revises Outlook to Neg. & Affirms 'B' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Camposol
S.A. to negative from stable.  At the same time, S&P affirmed its
'B' ratings on the company.

The outlook revision reflects the company's weaker credit metrics
resulting from lower volumes and prices mainly for Camposol's
avocado and asparagus production in 2012.  The moderate "El Nino"
phenomenon in the beginning of the year caused a drop in the
agricultural harvesting volumes and their productivity, lowering
volumes by more than 15%.  This obliged Camposol to increase
third-party purchases, thus increasing costs and pressuring
margins and cash flows.  At the same time, higher avocado
production volumes in the U.S. and Mexico lowered global avocado
prices, also weakening Camposol's revenue generation.

S&P can lower the ratings if Camposol fails to recover volumes and
EBITDA generation in the next few quarters, further deteriorating
liquidity and resulting in higher debt to fund its harvests'
working capital needs.  Another negative weather effect could also
continue to pressure costs and cash flows, preventing the company
from reducing its leverage ratios.


* BRAZIL: Para to Get Over $200MM to Fund Educ. System Improvement
------------------------------------------------------------------
The Brazilian state of Para will receive significant support from
the Inter-American Development Bank (IDB) to improve access to
quality basic education, the IDB said.  The Bank has approved a
loan of over $200 million that will fund school construction,
remedial education, teacher training, evaluation and monitoring
systems among other projects.  Hundreds of thousands of students
living in Brazil's second largest state are expected to benefit
from the program financed by this loan.

The Program is the backbone of the recently launched Para
Education Compact (PEC), a state's initiative that brings together
municipalities, civil society and private sector to support the
long term effort needed to improve the quality of basic education
in the state.

The IDB loan is for a 25-year term, with a 5.5-year grace period
and an interest rate based on LIBOR. Local counterpart funds total
$150.6 million.


==========================
C A Y M A N  I S L A N D S
==========================


6S SMALL CAP: Shareholders to Hear Wind-Up Report on May 8
----------------------------------------------------------
The shareholders of 6S Small Cap Opportunity Fund Ltd will receive
on May 8, 2013, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


ALL SEASONS: Shareholders to Receive Wind-Up Report on May 8
------------------------------------------------------------
The shareholders of All Seasons Africa Multistrategy Master Fund
Limited will receive on May 8, 2013, at 4:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


ASCEND CL FUND: Shareholders to Hear Wind-Up Report on May 8
------------------------------------------------------------
The shareholders of Ascend CL Fund Ltd. will receive on May 8,
2013, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


ASCEND CL MASTER: Shareholders to Hear Wind-Up Report on May 8
--------------------------------------------------------------
The shareholders of Ascend CL Master Fund Ltd. will receive on
May 8, 2013, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BALU HOLDINGS: Shareholders to Hear Wind-Up Report on May 10
------------------------------------------------------------
The shareholders of Balu Holdings Corporation will receive on
May 10, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


EURO-ASIAN INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
On March 28, 2013, the shareholders of Euro-Asian Investments
Limited passed a resolution that voluntarily liquidates the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          M. Ayed F. Al-Sharriff
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +9 (661) 462 4000


FOXHILL OPPORTUNITY: Shareholders to Hear Wind-Up Report on May 8
-----------------------------------------------------------------
The shareholders of Foxhill Opportunity Offshore Fund, Ltd will
receive on May 8, 2013, at 4:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


GAVEA BRAZILIAN: Shareholders to Hear Wind-Up Report on May 10
--------------------------------------------------------------
The shareholders of Gavea Brazilian Managers Fund Ltd. will
receive on May 10, 2013, at 8:45 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


MARATHON OIL: Sole Member to Hear Wind-Up Report on May 9
---------------------------------------------------------
The sole member of Marathon Oil Jupiter Limited will receive on
May 9, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A


NATFLEET INVESTMENTS: Shareholders to Hear Wind-Up Report on May 9
------------------------------------------------------------------
The shareholders of Natfleet Investments Holdings Limited will
receive on May 9, 2013, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Devina Patel
          Telephone: (345) 949 8739
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


RADCLIFFE USD: Shareholders Receive Wind-Up Report
--------------------------------------------------
On May 1, 2013, the shareholders of Radcliffe USD Fund II, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


SEAGATE TECHNOLOGY: Fitch Raises Issuer Default Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded the following ratings on Seagate
Technology plc and its subsidiaries:

Seagate

--Issuer Default Rating (IDR) to 'BBB-' from 'BB+'.

Seagate HDD Cayman

--IDR to 'BBB-' from 'BB+';

--Senior unsecured debt to 'BBB-' from 'BB+'.

Furthermore, Fitch has affirmed the credit facility rating for the
co-borrowers, Seagate and Seagate HDD Cayman, at 'BBB-' and
withdrawn the IDR and secured second lien notes ratings for
Seagate Technology International (STI), since the entity is now
debt free.

The Rating Outlook is Stable.

Approximately $3 billion of total debt is affected by Fitch's
action, including the company's undrawn $350 million unsecured
revolving credit facility.

KEY RATING DRIVERS

The Ratings Upgrades and Outlook reflect:

-- Expectations for relatively stable hard disk drive (HDD)
   pricing going forward due to a highly consolidated industry
   structure, as the top two companies, Seagate and Western
   Digital Corp. (WDC), control 88% of the market; strong HDD
   growth in Exabytes (EB) shipped (30%-40% annually) in excess
   of areal density growth largely driven by the cloud and usage
   of Internet-enabled mobile devices; increasing shipment
   linearity and tightly managed capital expenditures across
   the supply chain that minimizes the risk of supply and demand
   imbalances.


The increasing linearity in HDD shipments reflects the declining
correlation with PC demand due to strong growth in near-line
enterprise HDD storage for use in cloud data centers. IDC
estimates worldwide PC shipments declined 15% sequentially in the
first quarter of 2013, yet the total addressable market for HDDs
was nearly flat sequentially (-0.2%), according to WDC.


-- Positive profitability implications from a favorable mix shift
   towards higher capacity HDDs for cloud computing that require
   greater media and heads per drive, thereby absorbing a greater
   amount of fixed-cost investments than lower capacity PC drives.
   Seagate's average drive capacity increased 60% year-over-year
   to 823 gigabytes in the quarter ended Dec. 28, 2012, despite
   acquiring Samsung's predominantly notebook HDD business.


-- Seagate's solid liquidity and financial flexibility are
   supported by $2 billion in cash, the vast majority of which
   is readily accessible without adverse tax considerations,
   generally positive annual free cash flow (FCF), and an undrawn
   $350 million senior unsecured revolving credit facility due
   2015.

Fitch believes Seagate's FCF volatility will continue to moderate
due to a more stable HDD pricing environment, lower demand
volatility, favorable product mix shift and cautious approach to
capital investments that increase HDD manufacturing capacity.
Seagate has generated positive FCF for four consecutive years on a
trailing 12-month basis.

STI's redemption of $315 million of its 10% senior secured second-
priority notes previously due in 2014 for existing cash on hand
also strengthens liquidity since it eliminates all long-term debt
maturities until 2016, when $600 million of unsecured notes
mature.

-- Strong credit protection metrics and management's commitment
   to conservative financial policies;

-- Broad product portfolio and significant scale in HDD industry;

-- The company's vertically integrated model, which reduces per-
   unit manufacturing costs and facilitates new product time to
   market.


Fitch's rating concerns consist of:

-- Long-term threat of technology substitution from NAND flash-
   based SSDs, including risk of consumers substituting
   traditional notebooks with HDDs for ultrabooks equipped with
   solid state disk (SSD) or media tablets with flash-based
   storage.

The high relative cost of flash-based storage compared with HDDs
continues to limit the amount of storage capacity on PCs and
tablets, increasing demand for data storage in the form of hybrid
HDDs, cloud and external storage, areas where Seagate continues to
be well positioned. Seagate's Pulsar 800GB (gigabyte) multilevel
cell (MLC) SAS enterprise SSD currently retails for $6,599, or
$8.25 per GB, nearly 12x the cost per GB of a HDD.

Fitch expects PC demand to recover in the second half of calendar
2013 due to normal seasonality and a plethora of new convertible
notebook PCs that more closely align with user requirements,
including lower price points enabled in part by lower cost hybrid
solid state drives, and improved battery life supported by Intel's
upcoming, more efficient microprocessor, codenamed Haswell.

-- Substantial historical volatility in earnings and free cash
   flow due to the cyclicality of HDD demand and significant fixed
   costs;

-- Moderating, but still consistent declines in average selling
   prices for HDDs due to low switching costs;

-- Event risk associated with implementation of aggressive
   shareholder-friendly activities, primarily debt-financed share
   repurchases;

-- Seagate's ability to sustain a time to market advantage
   critical to achieving market share gains and maintaining
   overall profitability, given formidable competition from WDC.


RATING SENSITIVITIES

Positive:

-- Future ratings upgrades are currently unlikely due to the long-
   term threat of technology substitution from SSD, where Seagate
   lacks a dominant product position relative to HDDs.

Negative:

-- If the cost per gigabyte differential between enterprise HDD
   and SSD narrows significantly, resulting in greater than
   expected cannibalization of enterprise HDDs, and Seagate's
   enterprise SSD products are uncompetitive;

-- If Seagate's enterprise market share materially erodes due
   to more formidable competition from WDC;

-- If the company pursues more aggressive financial policies,
   such as sizable debt-financed share repurchases.

-- If Ultrabooks with SSD materially cannibalize the traditional
   notebook market, SSHs fail to achieve significant penetration
   in the Ultrabook market and growth in near-line enterprise
   and external HDDs is insufficient to offset the decline in
   EBs shipped to the notebook HDDs.

FCF (post dividends) was nearly $3.1 billion in the latest 12
months (LTM) ended Dec. 28, 2012 compared with $519 million in the
corresponding year ago period due to supply shortages from the
Thailand flood that significantly inflated average selling prices
(ASPs). Fitch forecasts at least $1.9 billion of FCF annually
through fiscal 2015 ended June 29.

Financial covenants in the credit agreement consist of a minimum
fixed-charge coverage of 1.5x and a maximum net leverage ratio of
1.5x. In addition, the facility requires minimum liquidity of $500
million.

Leverage (total debt/operating EBITDA) decreased to 0.6x as of
Dec. 28, 2012 from 1.4x in the year-ago period, benefitting from
elevated ASPs following the Thailand flood. ASPs have since
receded, as Fitch expected, given the recovery in the HDD supply
chain. Nonetheless, Fitch anticipates Seagate's leverage will
remain below 1x as $315 million of debt reduction offsets lower
ASPs compared with the immediate aftermath of the Thai flood.

Interest coverage (operating EBITDA/gross interest expense)
increased to 19.2x in the LTM ended Dec. 28, 2012 compared with
8.1x last year. Fitch anticipates interest coverage will remain
above 17x through fiscal 2015.

Fitch estimates total debt, pro forma for the redemption of STI's
10% senior secured second-priority notes due previously in May
2014, is approximately $2.5 billion and consists of:

-- $600 million of 6.8% senior notes due October 2016 (Seagate
   HDD);

-- $697 million of 7.75% senior notes due December 2018 (Seagate
   HDD);

-- $600 million of 6.875% senior notes due May 2020 (Seagate HDD);

-- $600 million of 7% senior notes due November 2021.


SHU HOLDINGS: Shareholders to Hear Wind-Up Report on May 10
-----------------------------------------------------------
The shareholders of Shu Holdings Corporation will receive on
May 10, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


TARCHON A10: Creditors' Proofs of Debt Due May 8
------------------------------------------------
The creditors of Tarchon A10 Limited are required to file their
proofs of debt by May 8, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


TARCHON ASIA: Creditors' Proofs of Debt Due May 8
-------------------------------------------------
The creditors of Tarchon Asia are required to file their proofs of
debt by May 8, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


TARCHON FUND: Creditors' Proofs of Debt Due May 8
-------------------------------------------------
The creditors of The Tarchon Fund of Funds SPC are required to
file their proofs of debt by May 8, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24
-----------------------------------------------------------
The shareholders of Thames River Distressed Focus Fund Limited
will receive on May 24, 2013, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


TRAXIS EMERGING: Shareholders to Hear Wind-Up Report on May 8
-------------------------------------------------------------
The shareholders of Traxis Emerging Markets Equity Offshore Fund
Ltd. will receive on May 8, 2013, at 4:00 p.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


TRAXIS GLOBAL: Shareholders to Hear Wind-Up Report on May 8
-----------------------------------------------------------
The shareholders of Traxis Global Equity Macro Offshore Fund Ltd.
will receive on May 8, 2013, at 4:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


UNITY CAPITAL: Shareholders to Hear Wind-Up Report on May 10
------------------------------------------------------------
The shareholders of Unity Capital International (Cayman) Ltd will
receive on May 10, 2013, at 8:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


VIETNAM INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On April 30, 2013, the shareholders of Vietnam Investment Fund II,
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nguyen Nhan Nghia
          Telephone: +8 (442) 222 5333
          Facsimile: +8 (442) 222 5336
          e-mail: nghia@bvim.com.vn
          BIDV - Vietnam Partners Investment Management
          BIDV Tower, 10th Floor, 35 Hang Voi
          Hoan Kiem District, Hanoi
          Vietnam


=============
J A M A I C A
=============


RBC ROYAL BANK JAMAICA: Closes Four Branches
--------------------------------------------
RJR News reports that effective May 1, RBC Royal Bank Jamaica will
reduce its branch network.

The bank will be closing the branches at Cross Roads, Spanish
Town, Linstead and Santa Cruz, according to RJR News.

The report relates that RBC earlier this year signaled that it was
looking at reducing its branches as part of efforts to reposition
its business in Jamaica.

It said customers can still use its remaining 13 branches, 42
ATM's and Netbank, the report notes.


* JAMAICA: Receives $932.3 Million IMF Loan After Local Debt Swap
-----------------------------------------------------------------
Eric Sabo at Bloomberg News reports that Jamaica will receive a
$932 million loan from the International Monetary Fund after the
Caribbean island restructured about $9 billion in local debt for
the second time in three years.

Jamaica has started to "tighten fiscal policy and prepared a
comprehensive four-year economic reform program" to lower debt,
the IMF said, according to Bloomberg News.  The agreement calls
for an initial disbursement of $207 million, Bloomberg News
relates.

"The main objective of the program is to put public debt on a
firmly downward trajectory and thereby create a virtuous cycle of
debt sustainability and higher economic growth. . . . For most of
the past three decades, Jamaica has suffered from very low growth,
high public debt, and serious social challenges," the Washington-
based lender said," Bloomberg News notes.

Bloomberg News relays that Jamaica's economy contracted 0.9
percent in the fourth quarter of last year as the country
struggled due to the effects of Hurricane Sandy.

Central bank reserves fell below $1 billion in February for the
first time since 2001, Bloomberg News discloses.

In a speech to lawmakers, Finance Minister Peter Phillips said
Jamaica may seek additional financing from the World Bank and
Inter-American Development Bank, which has vowed $1 billion in
loans, Bloomberg News adds.


===========
M E X I C O
===========


* Moody's Notes Stable Liquidity for Mexican Non-Fin'l. Companies
-----------------------------------------------------------------
The liquidity profile of Mexican non-financial companies is stable
and liquidity practices in the aggregate have improved last year,
Moody's Investors Service says in a new report. Some 89% of the 19
companies Moody's rates B3 or above in Mexico had adequate or good
liquidity at the end of 2012, up from 81% a year earlier.

"Mexican corporate liquidity practices have improved since the
credit crisis, but they still are not as strong as those we see
globally", says Moody's Vice President -- Senior Analyst Nymia
Almeida, author of " Corporate Liquidity in Mexico: Most Companies
Have Solid Liquidity". "Mexican companies often do not have
explicit liquidity policies that would provide a framework for
analyzing management's decision making process for managing
liquidity risk. We continue to see companies without committed
credit facilities, and many rely on banking relationships for
funding."

For instance, lack of committed facilities underscores that
liquidity practices remain below the global standard. "Although
the number of companies with committed credit facilities increased
to 10 from seven in 2012 and three in late 2008", Almeida says,
"there are still several rated companies in Mexico without these
facilities, including investment grade ones, a weakness compared
with best practices for liquidity globally."

In addition, there is a high covenant breach risk. For seven out
of 12 high-yield Mexican companies Moody's reviewed, the covenant
breach risk is medium or high. And companies remain exposed to
several liquidity risks since potential credit market disruptions,
informal financial policies, the fragile global economy and
foreign exchange volatility all could weaken Mexican corporate
liquidity in the coming 12-18 months.

However, FX risk is low. While all Mexican companies are exposed
to FX risk in some form, only three out of the 19 companies
reviewed have high foreign currency exposure that is not fully
covered by foreign currency EBITDA or somewhat mitigated by other
individual factors.


===========
P A N A M A
===========


NEWLAND INT'L: Trump Ocean Club Files Bankruptcy Plan in U.S.
-------------------------------------------------------------
Newland International Properties Corp., a unit of Panama-based
Ocean Point Development Corp. that developed luxury hotel and
condominium known as the "Trump Ocean Club International Hotel &
Tower," located in Panama City, Panama, has sought Chapter 11
protection in New York in the United States with a bankruptcy exit
plan that would further restructure $220 million secured notes
used to finance the project.

At the behest of the Debtor, Bankruptcy Judge Martin Glenn will
quickly convene a hearing to consider confirmation of the Plan and
approval of the explanatory disclosure statement on May 28, 2013.

Newland, which filed the bankruptcy petition (Bankr. S.D.N.Y. Case
No. 13-11396) in Manhattan on April 30, 2012, said the Trump Ocean
Club is a multi-use 69-floor luxury tower overlooking the Pacific
Ocean, with luxury condominium residences, a world-class hotel
condominium, a limited number of offices and premier leisure
amenities.  The Trump Ocean Club is located on the Punta Pacifica
Peninsula -- one of the most exclusive neighborhoods in Panama
City.

Construction of the Trump Ocean Club was fully completed in
September 2012 at a cost of $294.6 million.  As of April 23, 2013,
sellout totals $530.2 million, consisting of 604 sold units
aggregating $239.2 million and 495 available units aggregating
$290.9 million.

"Ongoing developments in international capital markets and the
overall impact of the world economic crisis on the real estate
business, which have persisted to date, have brought about and
exacerbated several trends that subject the Debtor to
extraordinary pressure and duress," the Debtor's COO, Carlos A.
Saravia, said in court filings.

Reduction in unit sales, delays or cancellations in
closings, longer processing times for the funding of local bank
mortgages, and the lack of available financing for real estate
development companies, have significantly impacted the Debtor's
cash flows and the ability of the Debtor to service its debt in
accordance with the original debt service schedule.

The Debtor is not an affiliate of Trump Entertainment Resorts,
Inc., Trump Organization, LLC or Trump Marks Panama LLC.

                  Prepetition Capital Structure

The Debtor's prepetition capital structure is comprised of senior
secured notes relating to the financing and development of the
Trump Ocean Club and certain other related obligations. On
November 7, 2007, the Debtor entered into that certain indenture,
dated as of November 7, 2007, as amended by and among the Debtor
and HSBC Bank USA, N.A., as trustee and HSBC Investment
Corporation (Panama) as co-trustee, providing for the issuance of
$220,000,000 in Senior Secured Notes due 2014 at an offering price
of 96.934%.

Due to liquidity pressures, the Debtor defaulted on the notes
starting in November 2011.  It did not make the required interest
payment and the first scheduled payment of amortization of
principal due to the prepetition Noteholders on Nov. 15, 2011.
The Debtor also defaulted on the second interest payment and
second scheduled payment of amortization on May 15, 2012.

                       The Chapter 11 Plan

Prepetition, the Debtor negotiated with noteholders and on
Jan. 23, 2013, executed a plan support agreement with noteholders
representing 41.76% in aggregate principal amount of the
prepetition senior secured notes.  The Chapter 11 plan filed by
the Debtor on the Petition Date embodies the terms of the PSA.

According to the Disclosure Statement, the Plan provides for these
terms:

    * Unclassified claims.  Administrative expense claims,
professional compensation claims and priority tax claims will be
paid in full and are unimpaired.  Recovery: 100%

    * Secured Notes.  Each holder of an allowed prepetition senior
secured notes claim will receive new notes.  The new notes will
reschedule the Debtor's principal payment obligations to more
closely align such obligations with the cash flows expected to be
generated by sales and closings on unit purchase agreements
Noteholders are impaired.  Recovery: 95% to 100%.

    * General Unsecured Claims.  General unsecured claims,
including trade claims, will be reinstated, paid in full or
otherwise rendered unimpaired. The Debtor owes $32.1 million in
principal amount of unsecured trade debt as of March 13, 2013.
Recovery: 100%.

    * Interests.  Interests will be reinstated.  Interest holders
are unimpaired and are presumed to have accepted the Plan.
Recovery: N/A

A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/Newland_Disclosure_Statement.pdf

The Debtor's board will be reconstituted to reflect that the
Noteholders will have a right to appoint a delegate to the new
board.

The Debtor commenced solicitation of votes prepetition.  Only the
lone impaired class -- the secured noteholders -- was entitled to
vote on the Plan.  According to Epiq Bankruptcy Solutions, LLC,
the tabulation agent, accepting votes from holders of 100% in
number and 100% in amount of all voted claims from noteholders
were received prior to the voting deadline.

The Debtor is seeking confirmation of the Plan at this timeline:

Record Date                                March 20, 2013
Commencement of Prepetition Solicitation   April 1, 2013
Voting Deadline                            April 29, 2013
Petition Date                              April 30, 2013
Mailing of Combined Hearing Notice         May 2, 2013
Plan Supplement                            May 17, 2013
Objection Deadline                         May 21, 2013
Reply Deadline                             May 24, 2013
Combined Hearing                           May 28, 2013

                      First Day Motions

At the Debtor's behest, the Court has extended the Debtor's
deadline to file its schedules of assets and liabilities through
and until July 1, 2013.  To the extent the Debtor's Chapter 11
plan is declared effective before the deadline, the requirement to
file those documents is permanently waived.

Other "first day" motions approved by the Court at the initial
hearing on May 1 include the Debtor's requests to pay employee
wages and benefits, confirm the protections of the automatic stay
and restrain any actions in violation thereof, pay claims of
certain foreign vendors, and hire Epiq Bankruptcy Solutions as
claims and noticing agent.  The bankruptcy judge also granted
interim approval to the Debtor's request to use cash collateral at
the said hearing.

The bankruptcy judge will convene a hearing on May 17 to consider
final approval of the cash collateral motion and other motions.


=====================
P U E R T O   R I C O
=====================


LAUSELL INC: Can Access Banks' Cash Collateral Until May 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
authorized Lausell, Inc., to use Firstbank Puerto Rico's and
Citibank N.A.'s cash collateral and to pay critical vendor Alcan
Primary Products Company, LLC, in addition to the full amount of
Alcan's post-petition invoices, 10% thereof to be credited by
Alcan to its pre-petition claim, pursuant to the Stipulation on
the Extension of Cash Collateral and Adequate Protection, Critical
Vendor Designation of Alcan Primary Products, LLC, and Request for
its Approval, as filed with the Court on March 28, 2013.

Pursuant to the Stipulation, the total authorized use of Cash
Collateral is $2,847,439 and for the period of the week
commencing on April 1, 2013, and ending on the earlier of
(i) May 31, 2013 or (ii) thirty (30) days after the rejection or
denial by the Economic Development Bank for Puerto Rico ("EDB") of
the discounted pay off financing being requested by the Debtor.

As adequate protection, the Banks are granted a replacement lien
and a post-petition security interest on all of the assets and
collateral acquired by the Debtor on or after the Petition Date.

As additional adequate protection, the Banks are granted a super-
priority claim in an amount equal to any diminution in value of
their pre-petition collateral.

Firstbank is represented by:

      Rafael A. Gonzalez Valiente, Esq.
      LATIMER, BIAGGI, RACHID & GODREAU
      P.O. Box 9022512
      San Juan, PR 00902-2512
      Tel: (787) 724-0230
      Fax: (787) 724-9171

Citibank N.A. is represented by:

      Jose F. Cardona Jimenez
      CARDONA JIMENEZ LAW OFFICE
      P.O. Box 9023593
      San Juan, PR 00902-3593
      Tel: 787-724-1303
      Fax: 787-724-1369
      E-mail: jf@cardonalaw.com

                        About Lausell Inc.

Lausell, Inc., filed a bare-bones Chapter 11 petition (Bankr.
D.P.R. Case No. 12-02918) on April 17, 2012, in Old San Juan,
Puerto Rico.  Lausell, also known as Aluminio Del Caribe, is a
manufacturer of windows and doors.

Bankruptcy Judge Mildred Caban Flores oversees the case.  Charles
Alfred Cuprill, Esq., at Charles A. Curpill, P.S.C. Law Offices,
in San Juan, Puerto Rico, serves as counsel to the Debtor.

The Bayamon, Puerto Rico-based company disclosed $34,059,950 in
assets and liabilities of $24,489,414 in its amended schedules.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *